These days, every single person on the planet is thinking of investing in Bitcoin. This cryptocurrency managed to reach heights in value like never before. To put it into perspective, Bitcoin is now as valuable as gold, which is a historic achievement. No product/service has ever come close to gold’s value and yet, this cryptocurrency managed to do it with ease.
In February of 2021, Bitcoin reached a record-breaking value of over $50,000. After spending a few weeks hovering at about $47,000, one of the biggest giants in the automotive industry decided to step in and make an investment. With that investment, Tesla managed to help Bitcoin rise like never before. We are going to take a look at Tesla’s investment and what are the company’s plans for this cryptocurrency. But first, let’s see how do people actually make money with Bitcoin.
Making a Profit With Bitcoin
The first step in making a profit with Bitcoin includes mining. Through mining, people solve various complex puzzles. Each complex that they solve means that they have successfully recorded a random Bitcoin transaction. The reward for each of these transactions is Bitcoins. It is also worth mentioning that the Bitcoin transactions that miners verify are known as blocks.
After a certain amount of Bitcoins is earned, the second step comes into play. This includes visiting reputable trading sites such as Bitcoin Profit. This specific platform uses an advanced AI system that analyzes the market and collects all the data about Bitcoin.
This data is then used to make accurate predictions on Bitcoin’s future fluctuations. As you know, Bitcoin’s value is subject to frequent changes and with the AI system that predicts its price, traders have a very powerful tool in their hands as they know when is the best time to sell their assets and maximize their profits.
Now that we got this figured out, let’s take a look at Tesla’s case.
After Bitcoin spent a few months on the come-up in late-2020 and early 2021, Tesla decided to dive into the world of cryptocurrencies and invest money in it. The owner of this company, Elon Musk, has stated multiple times how fond he is of digital currencies and how he considers them revolutionary. In fact, Elon is fond of any idea that is rebellious and innovative – that is the key to his success.
After planning behind closed curtains, Tesla announced that they invested $1.5 billion in Bitcoin in February. This investment sky-rocketed Bitcoin’s value and helped it grow from around $47,000 to $50,000 in a matter of a few days. One week after Tesla invested in the cryptocurrency, it was reported that the company even managed to make a billion in profits.
Will Bitcoin be Accepted as a Payment Method at Tesla?
The one thing that people keep asking after this investment surfaced is what was the point of Tesla’s investment in Bitcoin? The company announced that they plan on integrating Bitcoin in their system of accepted payment methods. Soon, people will be able to pay for their products and services with this cryptocurrency.
After all, Tesla is a company of the future, and so is Bitcoin. The cryptocurrency makes all regular payment methods look obsolete by having numerous advantages over them. Some of these advantages are instant transactions. When making an online payment with credit and debit cards, it can take up to 5 business days before the funds are transferred from one account to another. That is not the case with Bitcoin.
Additionally, Bitcoin provides users with a certain level of anonymity, thus improving their online security. The chance to make a profit with it is also there.